Vivek Ramaswamy's Strive Launches Preferred Stock for Crypto Investments

Strive, Inc. Launches New Capital Raise to Bolster Bitcoin Reserves

Asset manager Strive, Inc., co-founded by entrepreneur and former presidential candidate Vivek Ramaswamy, has announced plans to raise up to $500 million through an at-the-market (ATM) offering of its perpetual preferred stock. This move aims to increase the company’s Bitcoin reserves and support other corporate objectives.

As of early November 2025, Strive already holds 7,525 BTC, placing it among the top 20 companies with significant Bitcoin treasuries. The company's latest capital raise is part of its broader strategy to expand its presence in the cryptocurrency market and solidify its position as a leader in corporate Bitcoin accumulation.

Strategic Use of Proceeds

On December 9, 2025, Strive filed with U.S. regulators a sales agreement to issue and sell up to $500 million of its Variable Rate Series A Perpetual Preferred Stock (ticker: SATA). The net proceeds from this offering will be used for general corporate purposes, including:

• Acquisition of Bitcoin and Bitcoin-related products
• Working capital
• Purchase of income-generating assets to grow the business
• Other capital expenditures
• Repurchase of shares of the Company’s Class A common stock
• Repayment of debt

Additionally, the company may use the funds to acquire businesses, assets, or technologies that complement its current operations.

The ATM structure allows Strive to sell shares incrementally into open markets rather than in a single lump sum. This flexibility enables the company to adjust fundraising efforts based on prevailing market conditions, ensuring optimal timing for capital raises.

Expansion Through Mergers and Acquisitions

Strive’s transformation into a Bitcoin treasury company began in May 2025 when it announced plans to merge via a reverse takeover with a Nasdaq-listed shell. This move allowed the firm to access public equity markets to fund large Bitcoin acquisitions.

Later in September 2025, Strive completed an all-stock merger with Semler Scientific, Inc. This transaction enabled the company to leverage Semler’s assets and significantly boost its Bitcoin holdings by roughly 5,816 BTC, acquired at an average price of about $116,047 per coin.

In early November, Strive disclosed another transaction in which it acquired approximately 1,567 BTC between October 28 and November 9 at an average cost of $103,315. This brought its total BTC holdings to 7,525. The purchase was funded through its initial SATA preferred stock offering and warrant exercise.

Following in the Footsteps of Industry Leaders

Strive’s Bitcoin accumulation strategy closely mirrors the approach pioneered by Michael Saylor at MicroStrategy. MicroStrategy has amassed over 660,624 BTC, representing more than 3% of Bitcoin’s total supply and establishing a model for corporate Bitcoin treasury management.

Unlike spot Bitcoin exchange-traded funds, BTC treasury companies like MicroStrategy typically employ a full suite of balance sheet strategies, including equity issuance and timed acquisitions, to amplify gains. However, these strategies can also lead to amplified losses.

Strive’s latest capital raise follows this playbook, combining stock offerings with plans to increase Bitcoin per share through multiple channels. The firm, which has managed over $2 billion in assets since launching its first ETF in August 2022, first signaled its Bitcoin ambitions via its reverse merger in May. It subsequently revealed plans to acquire 75,000 BTC from claims related to the defunct Mt Gox exchange bankruptcy.

Future Outlook

With its growing Bitcoin reserves and strategic capital raises, Strive is positioning itself as a major player in the corporate Bitcoin space. As the company continues to expand its holdings and explore new opportunities, it remains focused on leveraging its financial expertise to drive long-term value for shareholders and stakeholders alike.